Online classifieds firm Quikr has acquired realty portal CommonFloor.com for an undisclosed amount. Quikr has merged CommonFloor with its real estate vertical QuikrHomes to create an industry leader in online real estate, it said in a statement on Thursday.
QuikrHomes currently connects customers from over 1,000 cities and towns across India and concludes over 2 lakh transactions per month. CommonFloor has over 5 lakh active property listings from over 200 cities, and over 1 lakh residential projects listed. QuikrHomes is one of the key verticals for Quikr with 35 percent of its revenue coming from this vertical. Its other verticals include QuikrCars, QuikrC2C, QuikrJobs and QuikrServices.
The move is a step in Quikr’s strategy to create industry-leading verticals in categories in which it has always operated. This is Quikr’s fourth and the biggest strategic move in the real estate category since the launch of QuikrHomes about four months ago. Recently, Quikr acquired Indian Realty Exchange (IRX), a mobile-first aggregator of real estate broker community and realtycompass, a platform that provides builder rating and project analysis. It also made a strategic investment in AN Virtual Tech, the only company in India that has detailed real life imagery of 90 percent-plus streets and buildings across India’s top 50 cities.
The transaction will give CommonFloor.com access to Quikr’s 30 million consumers, while QuikrHomes will benefit from CommonFloor’s structured data and domain expertise.
The company will continue to operate both brands in the market. “With a highly successful recent campaign, launch of industry defining Street Vision, and now Thursday’s announcement, QuikrHomes is off to a great start in 2016. We expect this transaction to not only accelerate the growth of QuikrHomes, but also of our other verticals,” Pranay Chulet, founder and chief executive, Quikr, said in a statement.
“This merger creates a strong industry leader and gives us a very strong platform to grow the business further,” said Sumit Jain, co-founder and chief executive, CommonFloor.com.
The merger is expected to be completed over the next two to three months.